Analysis of Bitcoin price dynamics and market trends

Bitcoin is exhibiting unstable dynamics near the mark of $113 thousand. The price of the cryptocurrency fluctuates in the range of $110-113 thousand, indicating uncertainty in the market.

Key price levels

• The price of BTC is trading above $111 thousand and the 100-hour simple moving average.
• An ascending trend line is forming on the hourly chart of the BTC/USD pair with support at the level of $110.8 thousand.
• The nearest resistance is located in the area $113 .

Technical Analysis

Bitcoin has started to recover from the zone $110 , overcoming resistance levels of $110.8 thousand and $111.2 thousand. The price was able to rise above the 50% Fibonacci retracement level of the key decline from the maximum of $113,372 thousand to the minimum of $110,039 thousand.

However, sellers activated near $112.6 thousand, which hindered further growth. The 76.4% Fibonacci retracement level acted as resistance.

Possible price movement scenarios

If the level of $112,55 thousand is breached, the price may continue to rise to $113 thousand, and then to $114,2 thousand. The main target is the level of $115 thousand.

If Bitcoin cannot break the resistance at $112.55K, a decline to the support at $110.8K is possible. The next important support level is located around $110.5K.

In case of a breach of $110 thousand, the price may drop to $108.8 thousand in the short term. The main support is at the level of $107.5 thousand.

Technical Indicators

• The hourly MACD is losing positive momentum in the bullish zone.
• The hourly RSI for BTC/USD is below the level of 50.

The information provided is for informational purposes only. Past results do not guarantee future performance.